Most Manipulated Economic Statistic EVER
Well, the final NFP report of the presidential campaign is out (the November 2nd report is too late to matter), and voila!, the most manipulated economic statistic EVER produced by the U.S. government.
With an in-line report of 114,000 new jobs (only kept above 100,000 by a big drop in the birth/death assumption versus last year) and an unchanged labor participation rate (at the ALL-TIME LOW), the Obama Administration somehow reported a big drop in the unemployment rate to 7.8%.
PMs were, of course, attacked immediately thereafter – as they are on nine of ten NFP reports. However, they have recovered most of their losses; and if not for Cartel DLITG, or “Don’t Let it Turn Green” algorithms, silver would probably be up.
Above $1,800, gold has a MASSIVE “triple-top breakout”…
…as does silver at roughly $36-$37…
TRUST ME, they’re coming!
Andrew C. ("Ranting Andy") Hoffman, CFA
Miles Franklin Ltd.